I've had two major life changes occur in the last three months. First is my father passed away on Valentines Day which comes with it's own bizarre real estate complications. Second is I started a new job (posted in the general section).
My father passing has been extremely difficult on a personal level and mind blowing in how anit-mustachian he lived. When he passed he left behind about $1million in debt mostly to unsecured private parties and practically $0 in assets. Luckily non of his mess is falling in my lap thanks to a close family friend who's the executor. Except this one thing. A house. A 5-plex apartment building. About 6 years ago I owned it and sold it to him. Signed the deed over and left the country, he took over management but never refinanced into his name and took a second on the house. We we're in the process of clearing all this up when he passed. So, I own the mortgage $95k. His estate owns the title with a second for $50k tied to it. We're not sure if probate will let me have the title or if they will sell the house to pay of some of the other creditors. The house is worth about $180k, there's $145k in loans once legal fees are included, there wont be much to pay creditors with. More than likely, I'll get the title and assume the whole $145k in loans. Now, I'm fortunate because the bank (a small local one) wants me to have the house and so does the second. they are both willing to bend over backwards to make that happen. The bank is ready to refinance and the second is willing to discount her $50k to whatever the bank will refinance for. The house cash flows with a gross monthly income of $3500 with about $500 extra even after the current management company takes it's cut. I'm not sure what kind of advice I'm even asking for, but I would like to hear your thoughts.
Oh, and to ad a little extra grease to this, about two weeks ago I got a call that a distant uncle has passed and that there's $100k heading my way in the next year when his wife passes. it would have gone to my dad, but since he just passed, it would be coming to me. My thought is to put it all into paying off the house.
I'm not sure what kind of advice I'm even asking for, but I would like to hear your thoughts.
Thanks in advance for any ideas that come,
Jason